NORTH PROVIDENCE, R.I. — Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed skilled nursing facility in North Providence.
Tryko will purchase the property out of receivership for $14.5 million.
Tryko and its healthcare affiliate, Marquis Health Services, will assist Jonathan Savage of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor. Savage, with the facility’s team of caregivers and staff, has stabilized and successfully marketed the facility, culminating the court approval just seven weeks after the start of the receivership proceeding.
Tryko plans to infuse approximately $5 million of capital to support physical plant renovations and specialty programming enhancements at the facility.
Located on four acres, the community will be rebranded as Lincolnwood Rehabilitation & Healthcare Center. The facility provides short-term rehabilitation, long-term care, memory care programs, and hospice and respite services.
Tryko Partners’ local portfolio also includes the 206-bed Elmhurst Rehabilitation & Healthcare Center in Providence, which shares a campus with Roger Williams Medical Center and sits next door to the Providence VA Medical Center.
“Greater Providence is a desirable market — one in which we have established relationships with leading healthcare providers,” says Uri Kahanow, director of acquisitions for Tryko.